Report on Evaluation of Financial Statements

Table of Contents
Background 2
Methodology 3-7
Analysis of the vendors 9-11
Conclusion of the analysis 13
Annexures 15-26
Background
Background
Asian University for Women (AUW) seeks to graduate women who will be skilled and innovative professionals, service-oriented leaders in
the businesses and communities in which they will work and live, and promoters of intercultural understanding and sustainable human and
economic development in Asia and throughout the world.

Now, with that objective in mind, AUW has recently taken steps to construct an AUW Campus center. For the construction of the campus,
AUW invited technical proposals from various vendors. 5 reputed construction firms submitted their proposal for the construction.

Thus, to select the right vendor with strong financial strength, AUW intends to have an in-depth analysis of the vendor’s financial analysis
with the objective of selecting the eligible vendor.
Methodology

2
 Introduction
We have completed our financial analysis of 5 construction companies who duly participated for the construction of the campus for AUW
and intend to recommend the suitable one. We have reviewed the financial statements for the period of 2018-19, 2019-20 and 2020-21. We
have conducted the analysis based on the scope of work agreed upon between the Snehasish Mahmud and Co (SMAC) Chartered
Accountants and Asian University for Women in the Engagement Letter dated 10 April 2022.

Methodology applied for deriving the result (Ratios):

Our objective was to evaluate the financial strength of 5 construction companies, for which we have evaluated them initially in three methods
which are stated below viz:
(i) Analysis of the ratios regarding Statement of Financial Position (Previously known as Balance sheet)
(ii) Trend & Profitability ratios of the Statement of Profit or Loss (Profit & Loss Statement)
(iii) Presentation of the financial statement presentation & business volume
We have allocated 60% of the total markings to the “Statement of Financial Position (SFP)” as this actually highlights the financial strength
of the companies. As implementation of the project is reflected through “Statement of Profit or Loss”, thus we allocated 20% of the markings
to this segment. Lastly, as the size of the bidder companies varies from one another for which we have included this segment to compare
the business volume of the companies and subsequently allocated 20% markings in this segment.

(i) Rationale for Analysis of the ratios regarding Statement of Financial Position:
To carry out the analysis of the Statement of financial position, we have provided 100 marks to the companies. When the analysis is completed,
we have converted the markings obtained by the companies into 60% and added them for final results as stated in the methodology above.
The explanation of the analysis and segregation of marks in this segment is highlighted below:

a) Solvency ratio dictates the strength of the company to meet all its long term liabilities and whether the company has sufficient cash
to meet those liabilities. Thus, this ratio helps to indicate whether the company will default or have sufficient strength to overcome

3
 the liabilities. To ensure all the parameters are reviewed, we have carried out following analysis to determine the solvency of the
companies viz:
(i) Current Ratio
Current ratio reflects a company's ability to generate enough cash to pay off all its debts once they become due

(ii) Quick Ratio

The quick ratio provides an indication of a company's financial health in the short term.

(iii) Gearing Ratio

The gearing ratio demonstrates the degree to which a firm's activities are funded by shareholder’s funds versus debtholder’s.

(iv) Interest Coverage ratio

Interest Coverage Ratio is used to determine the ability of a company to pay the interest on its outstanding debt

We have provided 60 marks out of total 100 in this solvency ratio as this is analysis shows the strength of the company to implement
the construction project of AUW.

b) Efficiency ratio aims to indicates the company capacity to effectively manages its asset to pay its liabilities and efficiency of a company
to generate revenue utilizing its resources. We have analyzed following ratios to derive the efficiency of the companies viz:

(i) Asset turnover ratio

The asset turnover ratio measures the efficiency of a company's assets in generating revenue.

(ii) Receivable turnover (days)

The receivable turnover in days shows the average number of days that it takes a customer to pay the company for credit
sales.

(iii) Inventory turnover (days)

Inventory turnover in days exhibits how many times a company has sold and replaced inventory during a period.

4
 We have provided 20 marks out of total 100 in this analysis to determine the management’s capabilities to efficiently manage the
construction project of AUW.
c) Performance ratio indicates whether the company is generating returns for the shareholders utilizing its assets and how efficiently the
company is converting its revenue into cash. We have analyzed the performance of the company by carrying out following analysis
viz:
(i) Return on Equity
Return on equity uses to better understand how profitable a company is in relation to its shareholder equity. A higher number
indicating that a company is better able to leverage its shareholder equity to generate profit.

(ii) Return on Assets

Return on Assets determines how efficiently a company uses its assets to generate a profit.
We have provided rest 20 marks out of total 100 in this analysis to determine the management’s performance if the construction
project of AUW is awarded to them.

(ii) Rationale for Trend & Profitability ratios of the Statement of Profit & Loss:

In order to analyze the Statement of Profit or Loss of the companies, we have allocated 100 marks to this segment. Upon concluding the
analysis, we have converted the markings into 20% and added them for final results as stated in the methodology above. The rationale of the
analysis and allocation of marks in this area is emphasized below:

a) Trend analysis of the revenue indicates the volume of revenue increased year on year to ensure the companies were growing and their
business was expanding.

As this has direct relation with the capacity of the companies to implement the project of AUW, we have allocated 40 marks out of
100 in this analysis.

b) Gross profit margin indicates the amount of revenue left out for a company after paying the expenses required to generate the
revenue.

We have allocated 15 out of 100 in this analysis as this represents the partial project implementation capacity of any company.

5
 c) Operating profit margin is expressed as a percentage of sales and indicates the efficiency of a company controlling the costs and
expenses associated with business operations.

As this analysis indicates the full project implementation capacity of the company, thus we have allocated 25 marks in this analysis.

d) Net profit margin indicates the capacity of the company to efficiently converts its revenue into profit.

We have allocated 20 marks in this analysis as this represents whether the company can keep its profit from the awarded projects.

(iii) Rationale for Presentation of the financial statement & business volume:
Qualitative characteristics of an audited financial statements are fundamental to a stakeholder. This is reflected through the disclosure made
in the audited financial statements in accordance with International Financial Reporting Standards (IFRS) and other applicable reporting
framework. This also reflects corporate governance of an entity as people charged with governance discharge their responsibilities through
proper and adequate disclosure. Auditor also plays an important role by giving their opinion on the financial statements. In Bangladesh, the
role of audit firms are still not unquestionable and regulatory authorities prepares their own list of audit firms.

Hence, we have reviewed the disclosures in the audited financial statements and assessed the quality of the audit firm based on current listing
and market reputation available to us.
Also, the ratios degrade as the size of the business grows. Thus, we have allocated major markings in this area to bringing comparison of the
small businesses with large business.

To analyze the business volume and presentation of the financial statements, we have allocated 100 marks in this segment as well. Upon
concluding the analysis, we have converted the total marks into 20% and added them for the final results as stated in the methodology above.
The rationale of the analysis and allocation of marks in this area is shortly underlined below:

a) Revenue in terms of business volume:

We have allocated 1 mark for each 25 Crore of the revenue disclosed in the Statement of Profit or loss and allocated 50 marks in this
section.

6
b) Net worth in terms of business volume:
We have allocated 1 mark for each 25 Crore of the net worth (total assets less current liabilities) disclosed in the Statement of Financial
position and allocated 30 marks in this section.

c) Presentation & Disclosure:

We have allocated 20 marks to the quality of the financial statements and proper disclosure as per relevant IFRS.

Analysis of the Vendors

7
Analysis of the Vendors

8
 We have performed a detailed analysis of financial statement of all 5 vendors. Now, we have highlighted the results of our analysis carried
out according to the methodology explained in the earlier section of our report.

(i) Analysis of the ratios regarding Statement of Financial Position:

Analysis of the ratios regarding Statement of Financial Position

Shamsuddin
Spectra Starpath
ABC Mia & CCC
Particulars Engineers Holdings
Limited Associates Limited
Limited Limited
Limited
1. Current ratio 9 8 9 8 10
2. Quick ratio 9 6 9 8 7
3. Gearing ratio 13 17 22 10 30
4. Interest coverage ratio 7 7 9 5 10
5. Asset turnover 8 5 6 8 9
6. Receivable turnover(days) 5 5 2 2 5
7. Inventory turnover(days) 2 2 2 2 2
8. Return on equity 9 1 5 8 7
9. Return on assets 10 2 7 6 9
Total 72 53 70 57 89

Conversion to 60% 43.20 31.60 42.20 34.20 53.60

9
(ii) Trend analysis & profitability ratios of the Statement of Profit or Loss:

Trend & Profitability ratios of the Statement of Profit & Loss

Shamsuddin
Spectra Starpath
ABC Mia & CCC
Particulars Engineers Holdings
Limited Associates Limited
Limited Limited
Limited

1. Revenue (Net) (3) (30) (13) 13 7

2. Gross Profit margin (GP) 15 15 13 13 12
3. Operating Profit margin (OP) 18 2 18 5 22
4. Net Profit margin (NP) 20 (3) 10 5 13

Total 50 (17) 28 37 53

Conversion to 20% 10.00 (3.33) 5.67 7.33 10.67

10
(iii) Presentation of the financial statements & business volume:

Presentation of the financial statement & business volume

Shamsuddin
Spectra Starpath
ABC Mia & CCC
Particulars Engineers Holdings
Limited Associates Limited
Limited Limited
Limited

1. Revenue (business volume) 42 1 2 9 3

2. Net worth (business volume) 28 1 3 3 2
3. Presentation & disclosure 12 12 16 8 14

Total 82 15 22 19 18

Conversion to 20% 16.47 2.96 4.32 3.88 3.70

11
Conclusion of the Analysis

12
Summarizing the above analysis of all 5 vendors as per the three parameters discussed above, we have ranked the vendors according to
the allocated numbers which is summarized below:

Ranking of the Vendors

Shamsuddin
Spectra Starpath
ABC Mia & CCC
Parameters Weight Engineers Holdings
Limited Associates Limited
Limited Limited
Limited
Ratio analysis (B/S) 60% 43.20 31.60 42.20 34.20 53.60
Trend analysis (P/L) 20% 10.00 (3.33) 5.67 7.33 10.67
Presentation, disclosure & business volume 20% 16.47 2.96 4.32 3.88 3.70
Total marks obtained 100% 69.67 31.23 52.18 45.41 67.96

Final Result 1st 5th 3rd 4th 2nd

In conclusion, our analysis shows that Spectra Engineers Limited has topped the vendors due to its financial strength and business
volume. However, Starpath Holdings Limited became 2nd due to its lower business volume even though it got the highest marks in ratio
and trend analysis.

Lastly, Shamsuddin Mia & Associates Limited obtained 3rd position.

The management of AUW should not solely rely on this report for selecting the vendor as vendors should not be selected based on
analysis of financial statements rather detailed technical and other analysis is required for selecting proper vendor.

13
Annexure

14
Annexure-1. Ratio analysis (BS)
Particulars Standard weight Formula Parameter

Solvency ratio:
1. Current ratio Current assets
10 < 1=6, >1 but <2=8, 2 but <3=10, >3=8
Current liabilities
2. Quick ratio Current assets-inventory
10 < .5=6, >.5 but <1=8, 1 but <2=10, >2=8
Current liabilities
3. Gearing ratio Debt >.4=10, >.3 but <.4=15, >.2 but <.3=20,
30
Equity >.1 but <.2=25 and <.1=30
4. Interest coverage ratio EBIT Upto 2 times=5, 2 times to 5 time= 7,
10
Interest Expenses and above 5 times =10
Sub-total 60
Efficiency ratio:
1. Asset turnover Revenue < .2=5, >.2 but <.50=6, >.50 but <1=8,
10
Total assets >1=10
2. Receivable turnover(days) Receivable Upto 20 days =5, 20 dyas to 30 days=3
5 x 365
Revenue above 30 days 2
3. Inventory turnover(days) Inventory Upto 20 days =5, 20 dyas to 30 days=3
5 x 365
Cost of sales above 30 days 2
Sub-total 20
Performance ratio:
1. Return on equity Net profit Upto 5%=5, 5.1% to 10%=6, 10.1% to
10 x 100
(Beginning equity + Ending equity)/2 20%=8 and above 20%=10
2. Return on assets Net profit Upto 2%=5, 2.1% to 5%=7 and above
10 x 100
Total assets 5%=10
Sub-total 20
Total 100

15
Annexure-1.1
Spectra Engineers Ltd 3 years
Particulars
2020-21 2019-20 2018-19 average
Solvency ratio: Mrking Mrking Mrking marking
1. Current ratio 8,311,024,063 8,794,760,592 8,922,906,355
2.81 10 1.87 8 1.45 8 9
2,957,021,964 4,695,592,430 6,166,337,133
2. Quick ratio 6,804,491,410 7,768,227,939 7,617,081,845
2.30 8 1.65 10 1.24 10 9
2,957,021,964 4,695,592,430 6,166,337,133
3. Gearing ratio 2,267,819,428 3,947,690,094 4,780,309,009
0.28 20 0.55 10 0.80 10 13
8,043,576,828 7,121,785,006 5,991,092,639
4. Interest coverage ratio 1,716,189,199 2,116,676,943 2,969,180,853
5.54 7 4.93 7 4.53 7 7
309,964,220 429,322,149 655,490,484
Sub-total 45 35 35 38
Efficiency ratio:
1. Asset turnover 9,271,756,974 10,863,781,167 11,484,157,407
0.84 8 0.92 8 0.94 8 8
11,000,598,792 11,817,377,435 12,157,429,772
2. Receivable turnover(days) - - -
365 - 5 365 - 5 365 - 5 5
9,271,756,974 10,863,781,167 11,484,157,407
3. Inventory turnover(days) 1,506,532,653 1,026,532,653 1,305,824,510
365 77.97 2 365 45.84 2 365 59.24 2 2
7,052,386,643 8,173,621,564 8,045,152,954
Sub-total 15 15 15 15
Performance ratio:
1. Return on equity 925,822,113 1,131,634,387 1,449,135,766
100 12.21% 8 100 17.26% 8 100 27.52% 10 9
7,582,680,917 6,556,438,823 5,266,188,754
2. Return on assets 925,822,113 1,131,634,387 1,449,135,766
100 8.42% 10 100 9.58% 10 100 11.92% 10 10
11,000,598,792 11,817,377,435 12,157,429,772
Sub-total 18 18 20 19
Total 78 68 70 72

16
Annexure-1.2
Automated Builders Corporation Ltd 3 years
Particulars
2020-21 2019-20 2018-19 average
Solvency ratio: Mrking Mrking Mrking marking
1. Current ratio 1,837,148,495 1,701,667,867 1,637,671,108
1.07 8 1.00 8 1.30 8 8
1,713,962,769 1,706,680,478 1,257,721,316
2. Quick ratio 491,622,476 351,704,157 348,895,908
0.29 6 0.21 6 0.28 6 6
1,713,962,769 1,706,680,478 1,257,721,316
3. Gearing ratio 200,000,000 169,981,942 0
0.58 10 1.29 10 - 30 17
347,679,367 131,759,923 519,771,069
4. Interest coverage ratio 11,514,881 20,461,082 80,220,160
0.96 5 3.75 7 #DIV/0! 10 7
12,033,969 5,452,790 -
Sub-total 29 31 54 38
Efficiency ratio:
1. Asset turnover 141,349,955 264,579,908 672,819,756
0.07 5 0.14 5 0.38 6 5
2,091,192,136 1,838,440,401 1,777,492,385
2. Receivable turnover(days) - - -
365 - 5 365 - 5 365 - 5 5
141,349,955 264,579,908 672,819,756
3. Inventory turnover(days) 1,345,526,019 1,349,963,710 1,288,775,200
365 4,438 2 365 2,405 2 365 872 2 2
110,669,210 204,839,497 539,408,894
Sub-total 12 12 13 12
Performance ratio:
1. Return on equity (29,383,407) 2,638,216 26,925,610
100 -12% -8 100 0.81% 5 100 5.08% 5 1
239,719,645 325,765,496 530,489,818
2. Return on assets (29,383,407) 2,638,216 26,925,610
100 -1.41% -5 100 0.14% 5 100 1.51% 5 2
2,091,192,136 1,838,440,401 1,777,492,385
Sub-total -13 10 10 2
Total 28 53 77 53

17
Annexure-1.3
Shamsuddin Mia & Associates Ltd 3 years
Particulars
2020-21 2019-20 2018-19 average
Solvency ratio: Mrking Mrking Mrking marking
1. Current ratio 993,823,949 767,874,471 683,139,472
2.81 10 5.80 8 16.16 8 9
354,269,996 132,387,775 42,285,730
2. Quick ratio 668,370,749 467,901,831 459,262,622
1.89 10 3.53 8 10.86 8 9
354,269,996 132,387,775 42,285,730
3. Gearing ratio 345,050,696 123,891,669 39,351,160
0.43 10 0.16 25 0.05 30 22
794,197,937 797,918,550 790,269,730
4. Interest coverage ratio 70,985,374 66,901,483 141,820,504
3.38 7 6.33 10 51.68 10 9
20,978,477 10,575,911 2,744,070
Sub-total 37 51 56 48
Efficiency ratio:
1. Asset turnover 692,301,655 369,124,214 741,640,604
0.60 5 0.40 6 0.89 8 6
1,148,467,933 930,306,325 832,555,460
2. Receivable turnover(days) 402,525,788 376,273,637 289,960,135
365 212 2 365 372 2 365 143 2 2
692,301,655 369,124,214 741,640,604
3. Inventory turnover(days) 325,453,200 299,972,640 223,876,850
365 204 2 365 397 2 365 148 2 2
582,431,922 275,625,050 553,738,070
Sub-total 9 10 12 10
Performance ratio:
1. Return on equity 14,585,198 7,648,820 73,607,115
100 1.83% 5 100 0.96% 5 100 9.77% 6 5
796,058,244 794,094,140 753,466,173
2. Return on assets 14,585,198 7,648,820 73,607,115
100 1.27% 5 100 0.82% 5 100 8.84% 10 7
1,148,467,933 930,306,325 832,555,460
Sub-total 10 10 16 12
Total 56 71 84 70

18
Annexure-1.4
Castle Construction Co. Ltd 3 years
Particulars
2020-21 2019-20 2018-19 average
Solvency ratio: Mrking Mrking Mrking marking
1. Current ratio 3,168,456,038 1,972,156,129 2,287,192,411
1.18 8 1.04 8 1.11 8
2,675,255,990 1,905,310,600 2,056,429,485 8
2. Quick ratio 2,438,941,494 1,568,401,014 1,937,414,532
0.91 8 0.82 8 0.94 8
2,675,255,990 1,905,310,600 2,056,429,485 8
3. Gearing ratio 3,435,112,216 1,901,363,551 2,047,823,501
9.07 10 4.78 10 5.17 10
378,587,759 398,107,536 395,790,469 10
4. Interest coverage ratio 364,701,290 248,109,556 364,776,064
1.43 5 1.01 5 1.71 5
254,168,817 244,544,838 213,562,975 5
Sub-total 31 31 31 31
Efficiency ratio:
1. Asset turnover 1,739,356,676 1,266,613,631 3,484,752,227
0.44 6 0.55 8 1.42 8
3,935,505,839 2,303,418,135 2,452,219,954 10
2. Receivable turnover(days) 1,030,036,327 807,462,859 1,272,928,603
365 216 2 365 233 2 365 133 2
1,739,356,676 1,266,613,631 3,484,752,227 2
3. Inventory turnover(days) 729,514,544 403,755,115 349,777,879
365 207 2 365 149 2 365 46 2
1,288,666,626 990,766,246 2,785,887,037 2
Sub-total 10 12 14 12
Performance ratio:
1. Return on equity 77,372,731 2,317,067 98,288,508
100 19.92% 10 100 0.58% 5 100 28.35% 8
388,347,648 396,949,003 346,646,215 10
2. Return on assets 77,372,731 2,317,067 98,288,508
100 1.97% 5 100 0.10% 5 100 4.01% 6
3,935,505,839 2,303,418,135 2,452,219,954 7
Sub-total 15 10 17 14
Total 56 53 62 57

19
Annexure-1.5
Starpath Holdings Ltd 3 years
Particulars
2020-21 2019-20 2018-19 average
Solvency ratio: Mrking Mrking Mrking marking
1. Current ratio 723,864,956 647,269,617 597,626,317
2.98 10 2.93 10 2.43 10
243,315,277 221,072,412 246,198,389 10
2. Quick ratio 104,192,949 123,047,740 99,492,346
0.43 8 0.56 8 0.40 7
243,315,277 221,072,412 246,198,389 6
3. Gearing ratio 51,609,357 37,427,682 13,643,646
0.10 30 0.08 30 0.03 30
491,836,565 452,590,627 396,297,808 30
4. Interest coverage ratio 45,607,373 94,777,815 93,783,288
103.90 10 142.30 10 19.94 10
438,935 666,026 4,703,029 10
Sub-total 58 58 56 57
Efficiency ratio:
1. Asset turnover 342,907,675 826,379,400 751,254,000
0.44 6 1.16 10 1.14 9
786,761,199 711,090,721 656,139,843 10
2. Receivable turnover(days) - - -
365 - 5 365 - 5 365 - 5
342,907,675 826,379,400 751,254,000 5
3. Inventory turnover(days) 619,672,007 524,221,877 498,133,971
365 840 2 365 286 2 365 301 2
269,135,099 669,367,314 603,851,340 2
Sub-total 13 17 17 16
Performance ratio:
1. Return on equity 35,745,938 52,792,819 51,517,559
100 7.57% 6 100 12.44% 8 100 13.90% 7
472,213,596 424,444,218 370,539,029 8
2. Return on assets 35,745,938 52,792,819 51,517,559
100 4.54% 7 100 7.42% 10 100 7.85% 9
786,761,199 711,090,721 656,139,843 10
Sub-total 13 18 18 16
Total 84 93 91 89

20
Annexure-2 Trend analysis (P/L)
Standard weight Parameter

Revenue (Net bill) 40 5%=10, 10%= 20, >10=40 and in case of negative same marking negatively
GP
GP margin 15 Upto 10%=5, 11% to 20%=10 and above 20%=15
Operating profit
OP margin 25 Upto 5%=5, 5.1% to 10%=10, 10.1% to15%=15, 15.1%to20%=20 and above 20%=25
Finance cost
NP
NP margin 20 Upto 5%=5, 6% to 8%=10 and above 8%=20

Annexure-2.1
Spectra Engineers Ltd
Marks Average 3
2020-21 2019-20 2018-19 Change (20-21) Change % (20-21) Change (19-20) Change % (19-20) 2020-21 2019-20 2018-19 years marks
Revenue (Net bill) 9,271,756,974 10,863,781,167 11,484,157,407 (1,592,024,193) -15% (620,376,240) -5% -40 -10 40 (3)
GP 2,219,370,331 2,690,159,603 3,439,004,453 (470,789,272) -18% (748,844,850) -22%
GP margin 24% 25% 30% 15 15 15 15
Operating profit 1,406,224,978 1,687,354,795 2,313,690,369 (281,129,817) -17% (626,335,574) -27%
OP margin 15% 16% 20% 15 20 20 18
Finance cost 309,964,220 429,322,149 655,490,484 (119,357,929) -28% (226,168,335) -35%
NP 925,822,113 1,131,634,387 1,449,135,766 (205,812,274) -18% (317,501,379) -22%
NP margin 10% 10% 13% 20 20 20 20
Total 10 45 95 50

21
Annexure-2.2
Automated Builders Corporation Ltd
Marks Average 3
2020-21 2019-20 2018-19 Change (20-21) Change % (20-21) Change (19-20) Change % (19-20) 2020-21 2019-20 2018-19 years marks
Revenue (Net bill) 141,349,955 264,579,908 672,819,756 (123,229,953) -47% (408,239,848) -61% -40 -40 -10 (30)
GP 30,680,745 59,740,411 133,410,862 (29,059,666) -49% (73,670,451) -55%
GP margin 22% 23% 20% 15 15 15 15
Operating profit (16,429,896) 13,615,203 77,437,724 (30,045,099) -221% (63,822,521) -82%
OP margin -12% 5% 12% -15 5 15 2
Finance cost 12,033,969 5,452,790 - 6,581,179 121% 5,452,790 #DIV/0!
NP (29,383,407) 2,638,216 26,925,610 (32,021,623) -1214% (24,287,394) -90%
NP margin -21% 1% 4% -20 5 5 (3)
Total -60 -15 25 (17)

Annexure-2.3
Shamsuddin Mia & Associates Ltd
Marks Average 3
2020-21 2019-20 2018-19 Change (20-21) Change % (20-21) Change (19-20) Change % (19-20) 2020-21 2019-20 2018-19 years marks
Revenue (Net bill) 692,301,655 369,124,214 741,640,604 323,177,441 88% (372,516,390) -50% 40 -40 -40 (13)
GP 109,869,733 93,499,164 187,902,534 16,370,569 18% (94,403,370) -50%
GP margin 16% 25% 25% 10 15 15 13
Operating profit 70,985,374 66,901,483 141,820,504 4,083,891 6% (74,919,021) -53%
OP margin 10% 18% 19% 15 20 20 18
Finance cost 20,978,477 10,575,911 2,744,070 10,402,566 98% 7,831,841 285%
NP 14,585,198 7,648,820 73,607,115 6,936,378 91% (65,958,295) -90%
NP margin 2% 2% 10% 5 5 20 10
Total 70 0 15 28

22
Annexure-2.4
Castle Construction Co Ltd
Marks Average 3
2020-21 2019-20 2018-19 Change (20-21) Change % (20-21) Change (19-20) Change % (19-20) 2020-21 2019-20 2018-19 years marks
Revenue (Net bill) 1,739,356,676 1,266,613,631 3,484,752,227 472,743,045 37% (2,218,138,596) -64% 40 -40 40 13
GP 450,690,049 275,847,385 698,865,190 174,842,664 63% (423,017,805) -61%
GP margin 26% 22% 20% 15 15 10 13
Operating profit 107,643,353 336,460 149,797,968 107,306,893 31893% (149,461,508) -100%
OP margin 6% 0% 4% 5 5 5 5
Finance cost 254,168,817 244,544,838 213,562,975 9,623,979 4% 30,981,863 15%
NP 77,372,731 2,317,067 98,288,508 75,055,664 3239% (95,971,441) -98%
NP margin 4% 0.2% 3% 5 5 5 5
Total 65 -15 60 37

Annexure-2.5
Starpath Holdings Ltd
Marks Average 3
2020-21 2019-20 2018-19 Change (20-21) Change % (20-21) Change (19-20) Change % (19-20) 2020-21 2019-20 2018-19 years marks
Revenue (Net bill) 342,907,675 826,379,400 751,254,000 (483,471,725) -59% 75,125,400 10% -40 20 40 7
GP 73,772,576 157,012,086 147,402,660 (83,239,510) -53% 9,609,426 7%
GP margin 22% 19% 20% 15 10 10 12
Operating profit 77,130,173 160,858,712 151,418,848 (83,728,539) -52% 9,439,864 6%
OP margin 22% 19% 20% 25 20 20 22
Finance cost 438,935 666,026 4,703,029 (227,091) -34% (4,037,003) -86%
NP 35,745,938 52,792,819 51,517,559 (17,046,881) -32% 1,275,260 2%
NP margin 10% 6% 7% 20 10 10 13
Total 20 60 80 53

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Annexure-3
Particulars Parameter Formula

1. Revenue Every 250,000,000=1 Revenue (net bill)

2. Net worth (average) Every 250,000,000=1 Total assets
Less: current liabilities
Net worth

Annexure-3.1
Formula Spectra Engineers Limited
Particulars Marks
2020-21 2019-20 2018-19 3 years average 2020-21 2019-20 2018-19 3 years average
1. Revenue Revenue (net bill) 9,271,756,974 10,863,781,167 11,484,157,407 10,539,898,516 37 43 46 42
2. Net worth (average) Total assets 11,000,598,792 11,817,377,435 12,157,429,772 11,658,468,666
Less: current liabilities 2,957,021,964 4,695,592,430 6,166,337,133 4,606,317,176
Net worth 8,043,576,828 7,121,785,005 5,991,092,639 7,052,151,491 32 28 24 28
Total 69 72 70 70

Annexure-3.2
Formula Automated Builders Corporation Limited
Particulars Marks
2020-21 2019-20 2018-19 3 years average 2020-21 2019-20 2018-19 3 years average
1. Revenue Revenue (net bill) 141,349,955 264,579,908 672,819,756 359,583,206 1 1 3 1
2. Net worth (average) Total assets 2,091,192,136 1,838,440,401 1,777,492,385 1,902,374,974
Less: current liabilities 1,713,962,769 1,706,680,478 1,257,721,316 1,559,454,854
Net worth 377,229,367 131,759,923 519,771,069 342,920,120 2 1 2 2
Total 2 2 5 3

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Annexure-3.3
Formula Shamsuddin Mia & Associates Limited
Particulars Marks
2020-21 2019-20 2018-19 3 years average 2020-21 2019-20 2018-19 3 years average
1. Revenue Revenue (net bill) 692,301,655 369,124,214 741,640,604 601,022,158 3 1 3 3
2. Net worth (average) Total assets 1,148,467,933 930,306,325 832,555,460 970,443,239
Less: current liabilities 354,269,996 132,387,775 42,285,730 176,314,500
Net worth 794,197,937 797,918,550 790,269,730 794,128,739 3 3 3 3
Total 6 5 6 6

Annexure-3.4
Formula Castle Construction Co. Limited
Particulars Marks
2020-21 2019-20 2018-19 3 years average 2020-21 2019-20 2018-19 3 years average
1. Revenue Revenue (net bill) 1,739,356,676 1,266,613,631 3,484,752,227 2,163,574,178 7 5 14 8
2. Net worth (average) Total assets 3,935,505,839 2,303,418,135 2,452,219,954 2,897,047,976
Less: current liabilities 2,675,255,990 1,905,310,600 2,056,429,485 2,212,332,025
Net worth 1,260,249,849 398,107,535 395,790,469 684,715,951 5 2 2 3
Total 12 7 16 11

Annexure-3.5
Formula Starpath Holdings Limited
Particulars Marks
2020-21 2019-20 2018-19 3 years average 2020-21 2019-20 2018-19 3 years average
1. Revenue Revenue (net bill) 342,907,675 826,379,400 751,254,000 640,180,358 1 3 3 2
2. Net worth (average) Total assets 786,761,199 711,090,721 656,139,843 717,997,254
Less: current liabilities 243,315,277 221,072,412 246,198,389 236,862,026
Net worth 543,445,922 490,018,309 409,941,454 481,135,228 2 2 2 2
Total 4 5 5 4

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Annexure-4.1: Presentation & disclosure
Spectra Engineers CCC Starpath
Particulars Allocated marks ABC Limited SMA Limited
Limited Limited Holdings Limited
Reputation & quality of audit firm audited the FS 6 4 6 6 4 6
Re-statement of Financial statements 6 6 2 2 2 6
Verifability & quality of audited FS (DVC system) 8 2 4 8 2 2
Total 20 12 12 16 8 14

Annexure-4.2: Name of the Statutory Auditor

Year Spectra Engineers Limited ABC Limited SMA Limited CCC Limited Starpath Holdings Limited
2020-21 M.M. Hossain & Co. G. Nabi & Co Shiraz Khan Basak & Co. S.R. Islam & Co. M A Fazal & Co.
2019-20 M.M. Hossain & Co. Ata Khan & Co. Shafiq Mizan Rahman & Augusitne S.R. Islam & Co. Rahman Mustafiz Haq & Co.
2018-19 M.M. Hossain & Co. Ata Khan & Co. Shafiq Mizan Rahman & Augusitne S.R. Islam & Co. Mohammad Ata Karim & Co.

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